This is certainly an interesting time in real estate.
The MAR (Massachusetts Association of Realtors) April data is in — let’s get into what it’s telling us about the real estate market.
April 2019 vs. April 2020 – Single Family homes
- 14% decrease in home sales
- 11% increase in median sales price
- 50% decrease in inventory
April 2019 vs. April 2020 – Condominiums
- 22% decrease in condo sales
- 15% increase in median sales price
- 52% decrease in inventory
April 2019 vs. April 2020 – Showing Activity
- Statistics from ShowingTime indicate that, from March 2020 to April 2020, North America has experienced a 40% decline in showing activity, during a time we would typically see an increase (the spring market).
- However, in Massachusetts we’ve seen that, despite a drop in inventory, showing activity has drastically increased. So, while inventory has decreased, the number of showings is actually parallel to this time last year.
Takeaways: As a seller, this is the time to capitalize on the high buyer demand. As a buyer, make sure you’re as competitive as possible with your offer strategy.
In the North Boston market, buyer demand is high — buyers are hungry and eager to take advantage of the historically low interest rates. On the flip side of the coin, inventory has taken a significant dip. We’ve found that some home sellers are listing their homes on the market and aggressively marketing them to the large pool of buyers, and others are holding off and “waiting it out,” deciding not to list their home during this shifting market.
Interestingly, we’re seeing that the sellers who decide to list NOW are getting MORE MONEY for their homes than this time last year, as seen by the significant increase in median sales price.
So, if you’re considering making a move, this may be the best time for you to sell. If you’re trying to make a purchase, this may be a challenging time to buy. However, it’s certainly possible! Our team has proven strategies and tactics to get our clients’ offers accepted, and we’d be happy to discuss those with you. We’ve changed our approach in the recent weeks to guide our buyer clients and help put them in the positions to present creative offers, win multiple-bid situations and, ultimately, get their offers accepted. Still wondering if now is the right time to buy? This resource may be helpful.
Are you a seller wanting to take advantage of the high buyer demand and list your home now, but don’t want in-person showings due to coronavirus risks? That’s entirely possible. Through leveraging our technology and virtual solutions, we’ve been able to help several clients in that exact situation successfully sell their home. Read our COVID-19 Protocol here.